Accounting and Outsourcing

Business Process Outsourcing: The Competitive Advantage by Rick Click & Thomas Duening

Global competition doesn't just move jobs, it also moves business processes and creates new kinds of business cooperation. For more than a century companies with global reach had to grow into huge enterprises with massive internal infrastructure. With the rise of computer systems, smaller companies learned to share the large mainframes to lower the cost for each business. Specialized providers went into business to offer their systems and expertise so that businesses could focus on their value proposition rather than their information technology.

This outsourcing of non-core operations has expanded to many other kinds of business processes such as human resources and even some aspects of accounting. Some businesses are even creating new value propositions by combining their specialized abilities with those of another company in order for each to have a more powerful offering for their target markets. This is especially true as companies extend their reach around the globe.

Rick Click and Thomas Duening show you how this process works and what you need to do and consider so you can identify which processes you might want to outsource to lower your costs and extend your reach. While this is a practical introduction, it is meant for the general business person having to learn about BPO and having to get up to speed about what has to be done to get it right.

     

Accounting and Outsourcing - Accounting

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Accounting and Outsourcing * Accounting

Debit and Credit - Learning Accounting Basics   
Tony Forster

Debit and Credit - Learning Accounting Basics


<P align=justify>The terms 'debit' and 'credit' can be confusing when learning accounting for the first time but why is that? If you go to the bank and put money into your account then teller will say, "I am crediting your account with X amount of dollars," on the other hand take money out of your account and the teller will say, "I am debiting your account X amount of dollars." Plus with debit machines everywhere and everyone carrying at least one credit card these two terms take on a whole new meaning.


<P align=justify>Unfortunatley what we just clarified about why the terms debit and credit are so important in the accounting world debit and credit, have to be unlearned quickly. Why is that? in accounting, the term debit is used to describe a bank account and that money owed are actually credit accounts - the exact opposite of what we've been taught elsewhere.


<P align=justify>In accounting terms, neither credits nor debits are 'bad', but they need to equal each other in order to balance themselves out in the end. Every itemized transaction, no matter if it's a deposit or a bill to be paid has both a debit and credit posted in the accounting world. This is what is called 'double-entry accounting' - so when you go to the bank, and the teller says, "I am crediting your account X amount of dollars," she is also debiting an entry of a similar amount without telling you this. The same goes for when the teller tells you, "I am debiting your account X amount of dollars," - the accounting will show that a credit of the same amount is being made elsewhere at the same time.


<P align=justify>There is an easy way to figure out both debits and credits in accounting terms and that is to figure out the following: what did you receive and where did it come from. The debit is what you received, and the credit is where you received it from, in accounting terms. So for demonstration sake, let's say you bought a CD with cash you borrowed with a Payday Loan. The CD is what you got, so it will be a debit in the accounting world, and the credit will be applied to the liability you carry on your bank account for the exact same amount.


<P align=justify> The bank can easily confuse people learning about credits and debits in the accounting sense of the words, especially when discussing liability. For instance, when you put money in the bank, the bank's liability to you increases, and since liabilities are credits, they are crediting your account (in accounting terms). And when the bank lowers their liability to us (by us taking money out of the bank) the banks are debiting the liability account, from an accounting perspective.


<P align=justify>Basically it comes down to being able to figure out what you got and where exactly it came from; if you can figure these out for every transaction, then you've got the accounting terms of credit and debit down pat.


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Tax Tips For The Unemployed (CNN Money)
Tax time can be a painful time for many of us, and it's especially tough for people without jobs. If you're unemployed, there are a few twists and turns in the tax code that can work to your benefit.

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This article is free to reprint provided it remains as is and all links are left in place.



 


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Let Bush Tax Cuts End, Economists Say (Fox News)
NABE economist said Congress should let the Bush tax cuts expire.

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Tony Forster site owner of Payday Loan

What Other Authors say about Accounting and Outsourcing

Overview of Accounting and Accountants by Marquez Comelab

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Index of Articles about Accounting and Outsourcing

What Other Authors say about Accounting and Outsourcing

Overview of Accounting and Accountants by Marquez Comelab

Accounting is a very important part of a business. As a freelancer, you either do it yourself or get someone else to do it for you. I have included this article for freelancers to have a very broad outline...

Accounting Outsourcing Service is the Synonym for Saving by Michelle Barkley

Is your accounting firm business running in loss? Then outsourcing is the only option left for your firm to come back strongly. This service is a life-saver for your business. Accounting outsourcing service...

Basic Accounting Primer by Edward Singleton

<p>Balance Sheet<p>A balance sheet is a snapshot of the resources of a company, or its liabilities and equities.<p>Income Statement<p>An income statement is actually the breakdown...

Personal Finance Software Review of Quicken Product Offerings by Charles Hebert

In this article I would like to conduct a personal finance software review of the Quicken product offerings designed for personal use. There are several personal finance software products on the market...

Business Accounting Home Software and Finance Accounts by Terry Cartwright

<p>Knowledge of accounting home software will also help progressing and expanding a home or small business when evaluating the gross calculation of profit and the consequent net income tax liability...

A Beginner's Guide On Non Profit Accounting Software by Mathew Thomson

A common man may wonder- what is the relation of accounting software with a non profit organization. Wherein, the question itself has answer in it. All nonprofit organizations strive to optimize every...